News of the turmoil at XShares
continues to bubble out of the New York City-based ETF shop. Tuesday morning, Ignites
picked up on filings
made in mid-June announcing the liquidation of the company's line of Adelante Shares. The move came after XShares raised new cash and named an interim CEO, (see "XShares Makes its Big Announcement"
, MFWire June 25, 2008). Don Putnam
, founder of Grail Partners, told the MFWire in May when the news of the departure of XShares' former CEO, Bill Henson
, first broke, "We (Grail) are glad to have him back -– and the company (XShares) was glad to have him when he was there." (See "A Rocky ETF Marriage Evolves as XShares Hunts Funds"
, MFWire May 29, 2008) Putnam also told the MFWire
that Grail will consider investing in the current round of funding.
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